It was announced this week that Kanye West is suing Lloyd's of London (his insurer) after stalling an insurance payment and implying marijuana use caused the rapper to cancel his 2016 tour and check into a psychiatric centre.
21 concerts on the tour were cancelled after West was hospitalised for exhaustion and his company requires the pay-out to compensate those who had paid for tickets or lost work as a result. He claims the accusation is an 'unsupportable contention' and therefore should not stop him receiving the funds.
The superstar's fate is currently unknown, however this very public spat has caused many people to question what else could cause an insurer to delay payment or what even may invalidate an insurance claim.
Why Might a Claim Be Delayed or Rejected?
First off, let's consider the worst-case scenario: your insurer declines your claim application. This can be for a number of reasons, such as they don't believe you have a valid claim or that you may have done something that breaks the contract you signed.
There are also numerous reasons why an insurance provider may not immediately pay-out. Examples include:
You Haven't Done Everything You Need to do
Whether it's providing documentation or photo evidence, signing paperwork or responding to every request you receive, you may be busy (especially after damage or injury has occurred) but a small delay your side could result in stalled payment from your insurer.
In order to ensure swift payment, get all your documentation and evidence together as soon as possible, and stay in regular contact with the company. Asking "is there anything else you need from me?" could also pre-empt future requests and speed things up.
Experts Are Slow with Reports
If damage has been done to your commercial premises, then a chartered surveyor will have to assess this and advise on the level of work required. You're also likely to require quotes from multiple builders for the repair work.
This will ensure you have no more nasty surprises, however can drag out the process slightly if the surveyor takes their time to assess your property and forward his expert opinion.
They're Seeing a Surge in Claims
If there have been a few weeks of bad weather or a spate of illness that has gone around the country, an insurer may simply be very busy and overwhelmed by the number of claims. If this is the case, they will likely inform you so on contact. Our best advice: try to stay patient and keep in regular contact for progress updates.
Choose the Right Insurer from the Start
Choosing the right policy and provider, plus knowing exactly what you're signing up for, can help reduce the likelihood of a stalled or rejected insurance claim. Compare business insurance with us and our friendly team will not only find you a cheap deal, but ensure it fits your specific needs and you understand the fine print.
To learn more call 0333 202 6240 today.
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